Journey Announces Closing of Northwest Assets Disposition
Rhea-AI Summary
Journey Energy (OTCQX: JRNGF, TSX: JOY) has closed the previously announced sale of its Northwest Alberta assets, including the Ante Creek pool, Pine Creek gas field and certain minor properties. The divested assets were producing approximately 1,170 boe/d (68% liquids) and carried estimated end-of-life costs of about $31 million.
According to Journey, gross proceeds before closing adjustments were approximately $28 million. The company plans to direct these funds to the ongoing development of its unconventional Duvernay light oil resource play, while continuing to advance its power generation projects at Gilby and Mazeppa.
Positive
- Disposition proceeds of approximately $28 million to fund Duvernay development
- Sale removes assets with estimated $31 million end-of-life costs
- Divestiture supports strategic shift toward Duvernay light oil resource play
Negative
- Disposition includes producing assets of about 1,170 boe/d (68% liquids)
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Calgary, Alberta--(Newsfile Corp. - September 1, 2026) - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey" or the "Company") is pleased to announce the closing of its previously announced disposition.
The assets sold include the Ante Creek pool and the Pine Creek gas field as well as certain of Journey's minor properties in Northwest Alberta. The Assets are currently producing approximately 1,170 boe/d (
The assets were part of the disposition process marketed through TPH & Co.
About the Company
Journey is a Canadian exploration and production company focused on oil-weighted operations in Alberta, Canada. Journey's strategy is to grow its production base by drilling on its existing core lands, implementing secondary and tertiary flood projects on its existing lands, and by executing on accretive acquisitions. The Company continues to shift its focus to the development of its unconventional Duvernay light oil resource play. In addition, Journey is continuing with its plans to grow its power generation business through its projects at Gilby and Mazeppa.
For further information contact:
| Alex G. Verge President and Chief Executive Officer 403-303-3232 alex.verge@journeyenergy.ca | or | Gerry Gilewicz Chief Financial Officer 403-303-3238 gerry.gilewicz@journeyenergy.ca |
Journey Energy Inc.
700, 517 - 10th Avenue SW
Calgary, AB T2R 0A8
403-294-1635
www.journeyenergy.ca
ADVISORIES
Measurements
All dollar figures included herein are presented in Canadian dollars, unless otherwise noted.
Where amounts are expressed in a barrel of oil equivalent ("boe"), or barrel of oil equivalent per day ("boe/d"), natural gas volumes have been converted to barrels of oil equivalent at nine (6) thousand cubic feet ("Mcf") to one (1) barrel. Use of the term boe may be misleading particularly if used in isolation. The boe conversion ratio of 6 Mcf to 1 barrel ("Bbl") of oil or natural gas liquids is based on an energy equivalency conversion methodology primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. This conversion conforms to the Canadian Securities Regulators' National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.
Abbreviations
The following abbreviations are used throughout these MD&A and have the ascribed meanings:
| boe | barrels of oil equivalent (see conversion statement) |
| boe/d | barrels of oil equivalent per day |
Unless otherwise noted, all volumes in this press release refer to the sales volumes of crude oil, natural gas and associated by-products measured at the point of sale to third-party purchasers. For natural gas, this occurs after the removal of natural gas liquids.
No securities regulatory authority has either approved or disapproved of the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/312476